Answered4 months ago
What are the best banking solutions for transferring money between the US and Thailand for expats?
In preparation of moving family to Chiang Mai next summer, I am looking into banking solutions between the US and Thailand. It appears there is a Bank of American (International) and we do have BofA accts. I need an easy "vehicle" for moving money back and forth for the long-term. Anyone have similar experience or recommendations?
Answer summary
The conversation focuses on banking solutions for expats moving from the US to Thailand, specifically concerning the transfer of money between the two countries. Key recommendations include keeping US bank accounts, opening a Thai bank account upon arrival, and using services like Wise for cost-effective currency exchange and transfers. There are discussions on the limitations of Bank of America in Thailand, which does not operate as a retail bank, and advice on opening accounts with other banks such as Kasikorn and Bangkok Bank. Participants emphasize the importance of understanding visa requirements and potential tax implications.
62 repliesnewest first
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John *********
My experience found that when transferring from a US based account through Wise, Wise uses an intermediary US based bank that collects an $18 fee.
Then I transferred directly from my Chase Bank account, no intermediary, direct from Chase to my Thai bank account. Unfortunately both transactions yielded the same amount of Baht when the transfer was completed.
You can Chase Bank without Wise.
Another drawback is that international transfers take a big hit in the conversion to Baht.
Then I transferred directly from my Chase Bank account, no intermediary, direct from Chase to my Thai bank account. Unfortunately both transactions yielded the same amount of Baht when the transfer was completed.
You can Chase Bank without Wise.
Another drawback is that international transfers take a big hit in the conversion to Baht.
Steve *********
Check out the Wise app and card. Easily transfer between hundreds of currencies.
Steven ***************
I have private client accounts with Chase and get free international transfers to my Kasikorn bank accounts.
Roland *******
Mostly you can use your atm card at most banks. Go inside bank and ask for the amount of money you want and normally they are happy to help you. Don't forget your passport. Possibly seek a US bank with no ATM fees abroad. Like Charles scuab . Or credit union. Hope this helps yall
Nick *****
I use Wise with a Kbank account in TH and Wells Fargo in US. Planning to switch to Schwab for the US side of things. Do you mind if I DM you about your accounting expertise? I’m starting the hunt for an accountant, either a Thai with US experience or the reverse.
Nick *****
I have been using ACH transfers with Wise because of their relationship with Kbank and the instant gratification of moving money in seconds, but now I’m kicking myself for not using wire transfers from WF to Wise’s US account in NY fbo my Wise account. WF gives me the TT for free, the money landed in 30 minutes (maybe less), and Wise charged just $6.11 to receive it.
Glenn ******
Open a Cash Management account with Fidelity. They have no fees on international transactions and reimburse all ATM fees, specifically the 250 or 350 baht charged by Thai banks. That will generally give you the best exchange rate on instant cash. They also have fee-free Swift wire transfers, so you can transfer very large amounts to your Thai bank for no more than 500 baht (~$15), the cap Thai banks charge for incoming wires. Wires from Fidelity are like clockwork - initiate a transfer in the evening and it is in your Thai bank the next morning.
Jeff *************
Wise is the most used form but it comes with a pretty good fee to move money, PS i wouldn’t open your account at Bangkok Bank, I prefer Kasikorn, they seem to follow the actual immigration rules
James ******
Send a free wire to Bangkok Bank New York and use your account number here it will be there the next day and whatever the bank rate is for everybody else
Wodrow ********
Easy vehicle? They think that laundering
Robert *********
You'd know about the crazy pollution for months every year right ?
Mary ********
Wise is best. We transfer our funds in our home countrys currency and watch exchange rates, when it reaches a high point we convert to thai baht within Wise, then transfer to our thai bank. Done smartly you end up with more bang for your buck.
Loma ******
BofA, using Wise and Plaid, works for USA-->THL. I trialed it once. However, I use Fidelity, and initiate fee-free first-party SWIFT transfers from the USA-->THL, along with fee-free credit cards (Chase, BofA and Fidelity Visa cards), and ATM fee reimbursements. Things may be different in one year, when you plan to move.
Nick *****
Loma Topo Why do you use US credit cards? I ask because I’m planning to close all but one of my US credit card accounts.
Loma ******
Nick Lim Several reasons...I don't have any Thai credit cards, all my U.S. cards have zero fx charges, widely accepted here, somewhat hidden from the 'remittance' TRD. I pay in THB, and my cards are in Google Wallet with a virtual number...no need to carry cards here. Best to have more than one card. Win win win win.
Glenn ******
Nick Lim I can't speak for Loma, but I do the same. I keep the majority of my financials in the US, primarily Fidelity. Although I don't use my US credit cards on a daily basis, I have them linked to various hotel and airline booking sites, as well as Bolt and Grab. I do use my Fidelity Visa debit/ATM card for grabbing cash occasionally (reimbursed ATM fees and probably the best exchange rate). I have also used a US credit card when I had some unforeseen medical bills at Bangkok Hospital. Since cards can be eaten by machines or otherwise become unusable, it's worth having a backup or two.
Pete *****************
Don’t use BofA wires long-term – high fees + bad exchange rates.
Best “vehicle” most US expats use:
Keep BofA for US income/bills
Open Wise → Link your BofA. Convert USD→THB at mid-market rate, send to Thailand in hours. Way cheaper than BofA
Open a Thai bank once you’re there → Bangkok Bank, Kasikorn, SCB, or Krungthai. Bangkok Bank has a US branch which helps. 7835
Why: $2,000 USD sent via Wise = ∼64,055 THB. Via BofA = ∼62,859 THB. You lose ∼$35 with BofA
Best “vehicle” most US expats use:
Keep BofA for US income/bills
Open Wise → Link your BofA. Convert USD→THB at mid-market rate, send to Thailand in hours. Way cheaper than BofA
Open a Thai bank once you’re there → Bangkok Bank, Kasikorn, SCB, or Krungthai. Bangkok Bank has a US branch which helps. 7835
Why: $2,000 USD sent via Wise = ∼64,055 THB. Via BofA = ∼62,859 THB. You lose ∼$35 with BofA
Scott ********
Fidelity, Charles schwab, free atm fees international
Shane *****
get a fidelity account, put whatever $ you want to use there, take out at ATM, no fees worldwide.
Steve **********
Use XE the best and easiest way no fees just exchange rate is how they make their money...
Jeff *************
Steve Connolly I use XE to check the rates, how easy is it to send money? Does it takes days or minutes to receive the money?
Steve **********
Jeff Hoffmeister it's usually 2 to3 days from USA to Thailand very easy set up account and how to pay for xe transfer and they will give you exchange rate and if a wire or ACH no fees just exchange rate
Ron ******
PNC Bank and Charles Schwab both offer free ATM withdrawals from international locations. This adds up because it can be 300-400 baht per transaction. Wise is easy to transfer to your Thai banks once you get them opened, but open Wise as a US resident
Shayne **********
Talk with
@American *****************************
for different options.@https://www.facebook********************
Nick *****
@Shayne *********
Thanks for that recommendation.
Mark ********
@Shayne *********
Information for all, AIT offers many services. I use them to do my taxes, they are in the process of doing estate planning for me, they do USA notary service. Very friendly staff and can lead you in the right direction for many things.
Dawn **********
Yes. I do my transfers between B of A and bangkok bank. No issues.
Jim ********
You should ask BoA if they will allow you to be a resident of another country and keep your account. Some US banks will close your account once they find out you are no longer a US resident.
With that said I use Wise to transfer from my US bank account to my Thai Bank account.
If you are concerned about taxation (you become a Thai Tax Resident after 180 days in country in the calendar year), I recommend looking into the
With that said I use Wise to transfer from my US bank account to my Thai Bank account.
If you are concerned about taxation (you become a Thai Tax Resident after 180 days in country in the calendar year), I recommend looking into the
@LTR **************************
Sharron ******
OPWe are good on the bank thing here. We have 4 different banks as well as will be going back and forth for a couple more years while we continue to be the managing partners in our CPA firm. The rests of the family will be in Chiang Mai full time. All of that is not a issue and I will have it all figured out well in advance. Right now I'm focused on money movement. I will arrange the rest of it around that i.e. visas and such
Glenn ******
Sharron Byrd Since you are well-versed in finance, this really goes without saying - don't confuse Wise's marketing/advertising rate vs their real/effective rate, which is generally lower than the TT rate. It seems many people don't understand this.
Jim ********
Sharron Byrd Wise is your best bet and provides the best rates.
Tomas *******
Keep your bank accounts in the US and open separate accounts in Thailand. Only transfer the necessary funds to Thailand. If you receive payments from outside Thailand keep them in the US. Only money which you transfer to Thailand is taxable here. IMHO, not a reliable tax advice. Do your own homework
Sharron ******
OPTomas Arndt I understand clearly that I keep my accounts in the US and open separate ones once we are in Thailand. We are public accountants and believe me I research the heck out of everything! And, we will have a total handle on all things taxable too! lol! I'm professional researcher and will use all pertinent comments, from all you very nice and helpful people, to perform that research. This is starting to get fun! lol!
Karl *********
Sorry I misunderstood the question. It is my experience that foreign branches of IS Banks do not offer integrated services. This based on experience with Citi bank.
Rick ****
Karl Diekman Correct. Foreign and domestic are different branches. Some think you can transfer money between accounts at the same bank (in name) without incurring fees. Sadly, it is not the case.
Sharron ******
OPI'm totally clear on this point, but appreciate all comments. Everyone has different backgrounds, so more info is better than less. We've been in Public Accounting, own a Certified Public Accountancy for well over 4 decades and have worked with business clients internationally. I personally love the process of researching issues to determine the applicability to our specific set if circumstances. This is the exciting part! lol!
Todd *********
Sharron Byrd hundreds of thousands of Americans have been living over here for decades, so not much need for research.
The BOA in Thailand is not directly connected to BOA in USA and is not for retail banking.
The BOA in Thailand is not directly connected to BOA in USA and is not for retail banking.
Karl *********
I bank at Chase Bank in the US. Serves me well.
Kyle ********
Use WISE, US based account. Do not open the account in Thailand.
Sharron ******
OPKyle Foster Got it! thank you!
Steve **********
There is a lot of misinformation about Thai based Wise accounts. It actually has advantages over US based accounts and, if used properly, no negatives.
Steve **********
I have a Thai wise account and am looking forward to the new changes, perhaps the OP would too.
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Steve **********
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Kyle ********
Sharron Byrd WISE is opening brick and mortar inside Thailand, so they must follow Thai law if it is a Thai account.
A good place to start your research.
A good place to start your research.
Sharron ******
OPNo worries! I'm researching WISE and will come up with the answers. Anyone else have ideas for the money movement issues - bring in on down! I'll dig around and find the facts. That's why I'm starting early and starting with money! 😆
Kyle ********
Steve Doucette you just confused a 1st timer. Data to prove your statement would be useful as I disagree
Sharron ******
OPSteve Doucette Tell me more Steve! I am researching Wise as we speak! or Type!
James **********
Sharron Byrd correct never open wise here in Thailand 🇹🇭 you will setting yourself up for Thai taxation.
James **********
Geert Prodan I agree yet this will only happen to those who open a Thai wise account, if you’re account was opened in your home country nothing will change
Geert ********
@James *********
even worse than that. The thai central bank is also going into "extra territorial overreach" and is directly restricting your foreign wise account since you can now no longer do direct currency conversions between nonthai currency accounts. So if you wanted to convert eur into usd, you'd have to convert eur to thb first, and then thb to usd, -- this is absolutely insane and I predict wise is going to lose a lot of overseas customers in Thailand, coz once you have experienced freedom to do what you want there s no going back to totalitarianism and that's what wise is becomingSharron ******
OPI appreciate your replies. However, I am asking about Bank of America specifically. Is anyone using BofA between US and living in Thailand?
Jeff *************
Sharron Byrd my friend was using them until I showed him a different system, BOA will only do wire transfers that are very expensive
Dennis *********
Sharron Byrd someone actually did answer your question. The boa in Thailand is a commercial branch, and you won't be able to do any transactions, transfers etc. Chase has similar, and it doesn't work. Not even a lobby in building.
Michael **********
Dennis Starkey I've been to the Chase building in Bangkok and the only thing they have is a lobby with telephones. It is NOT a Chase Bank. Just a call center for lack of better words.
Jason *******
Sharron Byrd in your original question you said 'easy vehicle' which is not BOA specific......many including myself suggest wise. Those of us already here use it no problem !
John **********
You're going to need accounts in both places and then using Wise or similar to transfer. While there is a Bank of America branch in Thailand it's not a retail branch so you won't be able to use it. Same is true for Bangkok Bank in the US. Being able to open a bank account in Thailand depends on you having an Non-immigrant type of visa
Sharron ******
OPAgain, thank you all for your comments. At this point I do not need advice on anything but how those of you, who have been living there move money back and forth! John's reply addressed my question.
Nongnuch ********
Sharron Byrd Get a Thai bank account opened. You cannot open a Thai BoA bank account at their branch in Thailand, this one is reserved for commercial customers. . . . You can then transfer directly from your BoA account by a SWIFT transfer to your Thai account. However you can also use service providers like WISE , REMITTLY, REVOLUT and WESTERN UNION, to transfer money to your Thai bank account. You need to do some homework and find out which provider offers the best conditions
Lynnette *******
If you're planning to live in Thailand you'll need an appropriate visa etc. so get that before you arrive. .
Phil ******
Sharron Byrd use Wise for international transfers
Lynnette *******
Arrive on Non-O visa or equivalent. Open bank account. Transfer money into it when you want to.
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